This office lease provision states that the parties desire to allocate certain risks of personal injury, bodily injury or property damage, and risks of loss of real or personal property by reason of fire, explosion or other casualty, and to provide for the responsibility for insuring those risks permitted by law.
Ohio Provision Allocation Risks and Setting Forth Insurance Obligations of Both the Landlord and the Tenant In Ohio, the provision allocation risks and setting forth insurance obligations of both the landlord and the tenant are critical aspects of any lease agreement. These provisions help protect both parties in the event of unforeseen incidents or accidents, such as property damage or liability claims. It is important for landlords and tenants to fully understand their insurance obligations to avoid any potential disputes or financial burdens. 1. Liability Insurance Obligations: Landlords typically require tenants to obtain liability insurance to protect against any claims arising from accidents or injuries that occur on the leased premises. This insurance usually covers bodily injury, property damage, and personal injury claims by third parties. Landlords may specify the minimum coverage limits and name themselves as additional insured parties on the tenant's policy. 2. Property Insurance Obligations: The landlord usually holds a property insurance policy that covers the building and its common areas. However, tenants are usually responsible for insuring their own personal property and any improvements or alterations they make to the leased premises. Tenants may need to provide proof of property insurance coverage to the landlord, ensuring their belongings are protected against risks such as fire, theft, or vandalism. 3. Indemnity and Hold Harmless Clauses: Lease agreements often include indemnity and hold harmless clauses, allocating the risks between the landlord and the tenant. These provisions typically require the tenant to indemnify and hold the landlord harmless from any claims, damages, or liabilities arising out of the tenant's use or occupation of the leased premises. This helps protect the landlord from potential legal liabilities resulting from the tenant's actions. 4. Premises Maintenance and Repairs: Lease agreements may outline the responsibilities of both the landlord and the tenant regarding premises maintenance and repairs. Generally, landlords are responsible for the structural elements and major maintenance, while tenants are responsible for maintaining the leased premises, including routine repairs and upkeep. Insurance obligations should be clarified in these cases, as both parties need to ensure they carry adequate insurance for potential damages or losses. 5. Additional Insured Status and Waiver of Subrogation: The landlord may require the tenant to include them as an additional insured on the tenant's liability insurance policy. This provides the landlord with direct coverage under the tenant's policy and helps protect their interests. Additionally, the parties may agree to waive their rights of subrogation against each other, preventing their respective insurance companies from seeking reimbursement through legal action. In conclusion, the Ohio provision allocation risks and setting forth insurance obligations of both the landlord and the tenant are essential components of a lease agreement. These provisions establish clear guidelines for insurance coverage, minimizing disputes and ensuring both parties are adequately protected. By understanding and fulfilling their insurance obligations, landlords and tenants can mitigate risks and enjoy a smoother leasing experience.
